Jamaica sets up BPO task force as foreign investment weakens and markets stay active

The Jamaican government has appointed a task force to review how the country's business process outsourcing sector operates, amid rising concern over job cuts and the influence of artificial intelligence on the industry.

Labour and Social Security Minister Pernell Charles Jr. said the group will consult stakeholders across a field that currently employs close to 60,000 workers. Speaking with RJR News, he addressed reports that 9,200 positions in the sector were lost between April 2025 and April 2026.

Charles said the initiative is not meant to attack the industry. Instead, it aims to partner with operators on plans that help staff adjust to new technology. He said the priority is to prepare workers to work alongside artificial intelligence so the tools can lift output rather than replace people.

Separate Bank of Jamaica figures point to a longer-term slide in foreign direct investment. Inflows fell from nearly US$900 million in 2017 to US$283.2 million last year, after climbing to US$429 million in 2023. That downturn has continued even as Jamaica's debt-to-GDP ratio improved from about 121% in earlier years to roughly 68% more recently.

On the Jamaica Stock Exchange for July 7, 2026, Elite Diagnostic Limited led turnover with 31,538,389 units traded, or 58.43% of market sales. Omni Industries Limited moved 5,570,966 units (10.32%), and Jetcon Corporation Limited recorded 4,340,737 units (8.04%). Trading stayed focused on medical services and distribution names, reflecting sustained appetite for dividend-paying and strategic holdings.

In the foreign exchange market, Bank of Jamaica data for the same date showed active trading and firm demand for major currencies. The US dollar sold at $158.25 and was bought at $157.54. The Canadian dollar sold at $112.70 and was bought at $110.30, with spreads of $2.40. The British pound sold at $29.33 and was bought at $24.33. Officials noted that currency swings can affect import costs, debt payments, and overseas business exposure.

Analysts also warned that higher living costs may be eroding personal credit health. As prices for groceries, utilities, housing, and transport rise, more households are using credit to cover routine expenses rather than to build assets. That pattern can push up card balances, increase reliance on minimum payments, and lead to missed deadlines—all factors that can lower credit scores and raise future borrowing costs. Paying at least something on time, whenever possible, remains one of the strongest ways to protect a credit profile, since payment history weighs heavily in scoring models.